NLCAX vs. BKLC

Last updated Jun 4, 2026

NLCAX (Voya Large-Cap Growth Fund) and BKLC (BNY Mellon US Large Cap Core Equity ETF) are both Large Cap Growth Equities funds. Over the past 5 years, NLCAX returned 13.35%/yr vs 14.33%/yr for BKLC. Their correlation of 0.90 suggests significant overlap in exposure. NLCAX charges 0.97%/yr vs 0.00%/yr for BKLC.

Performance

NLCAX vs. BKLC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Voya Large-Cap Growth Fund (NLCAX) and BNY Mellon US Large Cap Core Equity ETF (BKLC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with NLCAX having a 10.89% return and BKLC slightly higher at 10.93%.

NLCAX

• 1D: -0.07%
• 1M: 8.72%
• YTD: 10.89%
• 6M: 9.71%
• 1Y: 27.26%
• 3Y*: 24.88%
• 5Y*: 13.35%
• 10Y*: 15.83%

BKLC

• 1D: -0.74%
• 1M: 5.19%
• YTD: 10.93%
• 6M: 10.81%
• 1Y: 28.05%
• 3Y*: 23.25%
• 5Y*: 14.33%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

NLCAX vs. BKLC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
NLCAX Voya Large-Cap Growth Fund	10.89%	14.63%	34.62%	37.74%	-31.26%	18.63%	42.55%
BKLC BNY Mellon US Large Cap Core Equity ETF	10.93%	18.06%	25.56%	30.88%	-20.52%	27.41%	37.38%

Correlation

The correlation between NLCAX and BKLC is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (All Time) Calculated using the full available price history since Apr 13, 2020	0.90

The correlation between NLCAX and BKLC has been stable across timeframes, ranging from 0.83 to 0.90 - a consistent structural relationship.

Return for Risk

NLCAX vs. BKLC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

NLCAX

NLCAX Risk / Return Rank: 32
NLCAX Sharpe Ratio Rank: 41
NLCAX Sortino Ratio Rank: 39
NLCAX Omega Ratio Rank: 37
NLCAX Calmar Ratio Rank: 22
NLCAX Martin Ratio Rank: 23

BKLC

BKLC Risk / Return Rank: 68
BKLC Sharpe Ratio Rank: 69
BKLC Sortino Ratio Rank: 67
BKLC Omega Ratio Rank: 69
BKLC Calmar Ratio Rank: 61
BKLC Martin Ratio Rank: 73

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

NLCAX vs. BKLC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Voya Large-Cap Growth Fund (NLCAX) and BNY Mellon US Large Cap Core Equity ETF (BKLC). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	NLCAX	BKLC	Difference
Sharpe ratio Return per unit of total volatility	1.88	2.33	-0.45
Sortino ratio Return per unit of downside risk	2.61	3.15	-0.54
Omega ratio Gain probability vs. loss probability	1.32	1.42	-0.10
Calmar ratio Return relative to maximum drawdown	1.75	3.10	-1.34
Martin ratio Return relative to average drawdown	5.81	14.15	-8.33
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NLCAX vs. BKLC - Sharpe Ratio Comparison

The current NLCAX Sharpe Ratio is 1.88, which is comparable to the BKLC Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of NLCAX and BKLC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	NLCAX	BKLC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.88	2.33	-0.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.62	0.84	-0.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.75	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	1.12	-0.68

Drawdowns

NLCAX vs. BKLC - Drawdown Comparison

The maximum NLCAX drawdown since its inception was -76.45%, which is greater than BKLC's maximum drawdown of -26.14%. Use the drawdown chart below to compare losses from any high point for NLCAX and BKLC.

Drawdown Indicators

	NLCAX	BKLC	Difference
Max Drawdown Largest peak-to-trough decline	-76.45%	-26.14%	-50.31%
Max Drawdown (1Y) Largest decline over 1 year	-17.52%	-9.10%	-8.42%
Max Drawdown (3Y) Largest decline over 3 years	-24.76%	-19.05%	-5.71%
Max Drawdown (5Y) Largest decline over 5 years	-35.36%	-26.14%	-9.22%
Max Drawdown (10Y) Largest decline over 10 years	-35.36%	—	—
Current Drawdown Current decline from peak	-0.07%	-0.74%	+0.67%
Average Drawdown Average peak-to-trough decline	-31.27%	-5.27%	-26.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.08%	1.99%	+3.09%

Volatility

NLCAX vs. BKLC - Volatility Comparison

Voya Large-Cap Growth Fund (NLCAX) has a higher volatility of 3.74% compared to BNY Mellon US Large Cap Core Equity ETF (BKLC) at 3.00%. This indicates that NLCAX's price experiences larger fluctuations and is considered to be riskier than BKLC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NLCAX	BKLC	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.74%	3.00%	+0.74%
Volatility (6M) Calculated over the trailing 6-month period	12.50%	9.12%	+3.38%
Volatility (1Y) Calculated over the trailing 1-year period	16.32%	12.11%	+4.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.15%	17.16%	+4.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.28%	17.44%	+3.84%

NLCAX vs. BKLC - Expense Ratio Comparison

NLCAX has a 0.97% expense ratio, which is higher than BKLC's 0.00% expense ratio.

Dividends

NLCAX vs. BKLC - Dividend Comparison

NLCAX's dividend yield for the trailing twelve months is around 14.58%, more than BKLC's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BKLC BNY Mellon US Large Cap Core Equity ETF	1.01%	1.05%	1.22%	1.35%	1.64%	1.10%	0.84%	0.00%	0.00%	0.00%	0.00%	0.00%
NLCAX Voya Large-Cap Growth Fund	14.58%	16.16%	4.69%	0.00%	24.97%	18.15%	13.40%	4.61%	7.42%	5.86%	5.52%	7.37%

Frequently Asked Questions

Can I hold both NLCAX and BKLC in my portfolio?

NLCAX and BKLC have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NLCAX or BKLC?

NLCAX has higher volatility (3.74%) compared to BKLC (3.00%). In terms of maximum drawdown, NLCAX dropped -76.45% vs BKLC's -26.14%.

Which has better risk-adjusted returns?

BKLC currently has the higher Sharpe Ratio (2.33 vs 1.88), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.